Carlyle Starting Work on IPO of Chemical Firm Nouryon

Carlyle Group is starting preparations for an initial public offering of specialty chemicals producer Nouryon, according to people familiar with the matter.

The U.S. private equity firm has begun internal work on a possible IPO of the business, the people said. A listing could come as soon as the second half of this year, one of the people said, asking not to be identified discussing confidential information.

Carlyle has picked U.S. advisory firm Solebury Capital to help with the listing plans and more banks could be added to the roster at a later date, the people said.

No final decisions have been made and details of the planned offering could change, according to the people. A representative for Carlyle declined to comment, while spokespeople for Nouryon and Solebury didn’t immediately respond to requests for comment.

Carlyle acquired Netherlands-based Nouryon from Akzo Nobel NV in 2018. The group posted revenue of 4.7 billion euros ($5.7 billion) in 2020 and adjusted earnings of around 1.2 billion euros, according to its website.

Earlier this month, Nouryon said it’s spinning out its industrial unit Nobian, which makes essential base chemicals, into a separate company under the ownership of Carlyle and Singapore’s GIC Pte.

That leaves Nouryon with a performance formulations business — which makes chemicals used in agriculture, mining, paint and manufacturing personal care products — and a technology solutions division producing specialty products for markets including transportation, building and construction.

Source: Yahoo Finance

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